Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below:   January 1 Beginning inventory 1,100 units @ $ 7.25 $ 7,975 February 7 Purchase 1,450 units @ $ 7.50 10,875 July 10 Purchase 1,600 units @ $ 8.00 12,800 November 25 Purchase 1,000 units @ $ 8.50 8,500   Total 5,150   $ 40,150   At December 31 the ending inventory consisted of 2,500 units.   Compute the following: The cost of the ending inventory on December 31 (Using the Average cost method)               $ _____________________   The cost of Goods Sold (Using the Average cost method)          $__________________________   The cost of the ending Inventory (Using the FIFI method)          $_______________________________

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Under the weighted average model, the cost of the goods that are available for sale divided by the…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Under LIFO, the newer goods are sold first, and older are left in the business.

Q: 99) A company uses the periodic inventory system and had the following activity during the current…

A: Weighted Average Inventory MethodThe Weighted Average Inventory Method is an accounting cost flow…

Q: Funky Fashions uses a periodic inventory system. The beginning inventory of a particular product,…

A: Inventory valuation means valuing the inventory at the time of its sale and purchase using methods…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: rogers products uses a periodic inventory system. the company’s records show the beginning inventory…

A: Average cost: Under this method ending inventory is valued at the weighted average cost. FIFO :…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: LIFO -Inventory is assigned an accounting value using the latest in, first out procedure. Assuming…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: As per last-in, first-out method units sold from inventory are the units that have been purchased…

Q: Assume that because of a clerical error, the ending inventory is reported to be 1,070 units rather…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…

A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…

Q: A company uses the periodic inventory system and had the following activity during the current…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: ssume that the company uses perpetual inventory system and weighted average method, prepare journal…

A:

Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…

Q: The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,090…

A: Total units available for sale = 1090+1410+1695+1145 = 5,340 units Total cost of goods available for…

Q: Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Lopez Company reported the following current-year data for its only product. The company uses a…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Inventory can be valued using the following method: Average Cost Method FIFO Method LIFO Method…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Introduction: LIFO: LIFO stands for Last in First out which means last received inventory to be sold…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: The sale was made on Jan 14, So the average cost will be calculated from the purchases of Jan 1 and…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Inventory refers to the stock that the company kept for resale purposes or the product that has not…

Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…

A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

Q: The units of an item available for sale during the year were as follows: Date Line Item Description…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Average cost method of inventory says that cost of ending inventory and cost of goods sold should be…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010…

A: Particulars Units Price per unit Total value Jan. 1 1010 $126           1,27,260…

Q: Unit Transactions Units Cost $ 50 Beginning inventory, January 1 Transactions during the year: a.…

A: A) Last in First out: Date   Purchases     Cost of Goods Sold     Closing Inventory     Qty.…

Q: Harding Systems, Inc. uses a periodic inventory system. The purchases of a particular product during…

A: Periodic Inventory SystemIn period Inventory System they are the main methods used1. FIFO2. LIFO3.…

Q: Concord Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: The Wacky Widget Company uses a periodic inventory approach. The units of items avalible for sale…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: company's inventory records report the following in November of the current year:…

A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: Ending Inventory = Total Cost of goods - Cost of goods sold

Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…

A: Inventory cost valuation has different kinds of following methods: a) FIFO: Under this method, it is…

Q: Montoure Company uses a periodic inventory system. It entered into the following calendar-year…

A: The objective of the question is to calculate the cost of goods available for sale, the number of…

Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…

A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…

Q: A company's inventory records indicate the following data for the month of April: Date April 1 April…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross…

A:

Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.